The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-02-02
And Argues in Favor of Redeeming and Can
ceiling the Greenbacks with the Coin on
Hand and Unavailable for Other Use.
Why the House Pensions Committee Re-
jected the Logan and Blair Bills.
The Government Contracts for Swift Cruis-
er That Will Carry Guns to Throw Four
Hundred Pounds of Dynamite Mile.



He Urges Cessation of Silver Purchases and
Immediate Redemption of Greenbacks.
WASHINGTON Feb. l.-Secretary Manning
to-day sent a long communication to Speaker
Carlisle in reply to recent resolutions of the
House OF Representatives respecting reissue of
treasury notes and the destruction Of United
States notes. etc. The first of these resolutions
| inquired whether any money appropriated in the
| sundry civil bill, or any other government
money, had been expended for the purpose of
issuing treasury notes Of large denominations
in lieu of notes of small denominations Cancelled
or retired. Secretary Manning, after observing
that he finds no authority to reissue treasury
notes, says that if more patient scrutiny Of
the statutes at large should disclose such author
ity, he would not. except under fresh instruc-
tions from Congress, conceive it a duty to ex-
pend money for such purpose, and then adds
that none Of the appropriation referred to, nor
any other money belonging to the government,
has been expended for such purpose. The Sec
retary then goes into long argument in favor
of paying the greenback debt and a repeal
OF the compulsory silver purchase law. That
another species of our outstanding indebtedness,
namely, the legal tenders, or greenbacks, known
in law as United States notes, are, equally with
what the law designates as treasury notes,
beyond any need or excuse for reissue; that tenn
porary notes which are debt of principal only,
like notes which are debt of principal and in
terest. be at once cashed and Cancelled from the
abundant and superfuous coin in hand not now
capable of being applied to any other use; this is
so obvious principle of sound finance, such as a
dart
affairs. that any Secretary of the Treasury
would be subject to just reproach for departure
therefrom by reissues. were it not that the ac3
OF May 81, 1878, seems to require of him that
fiscal misstep And I beg leave to submit to
the House." says the Secretary, 'the question
whether, among many other reasons for it's re-
peal, the contraction of the currency sought to
be averted by that can now, in any other and
better way, be prevented than by its re-
peal. The fact that the $346, 6sl. .Ol6
of greenback debt is a greenback currency, is
SO far from being a reason against its pay
ment. that it is the reason why 1t makes its
payment and destruction necessary, not without
better currency to take it's place, but such a
currency is at hand. But, also, contraction
of the currency should be avoided The sub
stitution of better currency for the green
backs runs no hazard of contraction. But the
consequences of not using our coin surplus
are serious; for in currency of some sort will
the years taxes be paid, and the excess of re-
celpts over the authorized disbursements of the
Treasury would be the measure of the con-
traction Of the currency. This contraction can
be avoided by appropriations for extravagant
and reckless outpour and expense, like that of
al ha od hx,+ +lo
debt. The first remedy need not he discussed:
it is. of course, remedy the most unworthy of !
the peoples representatives. The second rem.
edy is all that remains. What debt, then shall |
We payF the Secretary asks, and goes on |
TO argue that 1t would be an in |
sxcusaele extravagance to diminish the
purchase, at high premium, when under the |
operations of the sinking fluid law every dollar |
of the National debt, greenbacks and all, can be |
cancelled by 1908 Anticipating payment Of |
the funded debt at a high premium the Secre- |
tary says. while successfully getting cut of the
treasury its currency tax surplus, and SO pre-
venting contraction in that form, is that method.
nevertheless, which would contract the currency
in another form by too suddenly diminishing
national bank circulation based on the funded |
debt 1t is therefore, necessary now not only to
reduce taxation in order to prevent surplus tax |
collecting from bringing currency contraction
again and again, but it is necessary also to
\
10 the payment. not of funded. but of the un-
funded debt. Great extravaganza. or needless
expense or serious monetary trouble can both be
80 avoided. The peoples representatives, by
action before adjournment. can relieve the Sec
retary OF the Treasury from the bad choice
between these now present alternatives. The
surplus coin and bullion which will remain in
the Treasury after all the bonds subject to call
have been paid. and before the Fiftieth Con-
,ress will assemble together with the proceeds
If surplus taxation which will flow into the
Treasury before any possible reduction of taxes
oy the present Congress can take effect consti-
ute sum which can well be got out of the
Treasury into the hands of the people. where IL
belongs, by the payment of the creenback debt. |
Join certificates are ready and superior
PAPER money to the greenback. The substitu-
ION can be effected mere matter of Treas.
Try administration whenever two Indispensable
conditions are first fulfilled by Congress The
'epeal OF the compulsory silver purchases is the
lrst and indispensable condition, and the repeal
i the compulsory post-redemptiou reissues OF
United States notes is the next and only other
condition. The two repeals are together neces-
ary to prevent. on the one hand, an extrava-
ant expense, or, on the other hand, a considera-
lie contraction OF the currency"
Replying to the other resolutions of inquiry
bout the cancellation of one and two-dollar
otes, the Secretary presents ables showing that
ince Aug. 4. 1886, there has been decrease bv
distraction of So 86l. S57 of ones, and "a y37 OSo
n twos; an increase of $l2, 600, 900 in ives and
6, ,000 900 in ten-dollar notes
THE BLAIR AND LOGAN BILLS.
nv Innv1 TVnrA Ep~So l